Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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Investments | 4 |
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6,612,000 | 6,452,000 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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392,020 | 420,666 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 352,579 | 413,816 | ||
Total assets less current liabilities | 6,964,579 | 6,865,816 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | 9 |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Atworth Nine Limited (registered number:
T J Chapple
Director |
D L Dickins
Director |
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I W Mountain
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Atworth Nine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 9 Atworth Business Park, Bath Road, Atworth, Melksham, SN12 8SB, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 November 2022 |
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Fair value movement | 160,000 |
As at 31 October 2023 |
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Valuation
The investment property was valued by the directors at the year end on an open market and existing use basis.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 1,740,000 | 1,740,000 |
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 November 2022 |
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Revaluation | 0 |
At 31 October 2023 |
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Carrying value at 31 October 2023 |
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Carrying value at 31 October 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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Amounts owed by directors |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to own subsidiaries |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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Amounts owed to own subsidiaries are repayable on demand and do not bear interest.
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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166,667 | 166,667 |
Transactions with owners holding a participating interest in the entity
2023 | 2022 | ||
£ | £ | ||
Dividends received by shareholders | 533,333 | 400,000 |
The Company has taken advantage of the exemption available under FRS 102 S1A.C.35 to not disclose transactions with other entities within a wholly owned group.
The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property and investments in subsidiaries, net of deferred tax. At the balance sheet date non-distributable reserves totalled £4,665,334 (2022: £4,545,334).